High-yield business savings accounts help entrepreneurs increase their cash reserves and reach their business goals faster. Interest rates will continue to be high in 2024, with high-yielding accounts yielding over 4.00% per annum.
NerdWallet's picks for the best business savings accounts all offer the opportunity to earn at least 2.00% annual yield, which is well above the national average (0.46% APY, according to the FDIC). It's also much better than what the big national banks usually offer. As of this writing, Chase and Bank of America have the highest APYs for business savings accounts at less than 0.05%.
Beyond APY, we also consider factors such as trading limits, fees, customer support availability, and access to the Insured Cash Sweet network. Our top options also include business money market accounts, which often offer more competitive interest rates and include check writing and debit card access. If you want the best interest rate (but least flexibility), consider a business certificate of deposit.
Note: For accounts with a tiered interest rate structure, you will see an entry-level APY. Click on the icon next to APY to see the full range of rates available for each account.
NerdWallet Editors' Choice: The Best Business Savings Accounts
live oak bank business savings
live oak bank business savings
offers one of the best and most achievable interest rates on the market.Earn money with an online-based account
4.00%
APY has no monthly maintenance fees or minimum balance requirements, and earns interest starting at 1 cent on your balance.
Account holders can access up to $10 million in FDIC coverage through Live Oak's Insured Cash Sweet service, but earn a slightly lower APY. You can transfer funds to your Live Oak Business Savings account by ACH payment, mobile check deposit, mailed check, or wire transfer. Live Oak does not accept cash deposits or provide ATM access to this account.
Key account details:
The first internet banking business money market savings
The first internet banking business money market savings
You can open an account from as little as $
100
Earn APY
3.46%
Balance increased by $5 million. Businesses with daily balances over $5 million earn 5.48% APY.
Key account details:
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Monthly fee: If your average daily balance is $4,000, $5 is forgiven.
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check: no.
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Cash card: For sole proprietors only.
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Transaction limits: Up to 6 items per month. There are no fees for additional transactions, but if you regularly exceed the limit, you may need to transfer to a business checking account.
NBKC Business Money Market
nbkc bank business money market account
There are no monthly fees or minimum deposit requirements.This account makes money
2.75%
If your balance is 1 cent or more, it's APY.
Key account details:
US Bank Platinum Business Money Market Account
Platinum Business Money Market Account
That in itself is not noteworthy. The base rates are:
0.05
% to 1.15% APY depending on your balance — but the account's promotional rate ups the ante for those who qualify.
Subject to certain terms and restrictions, when you open a new Platinum Business Money Market Account and complete qualifying activities, you will receive up to 4.60% APY from the account opening date. Offer valid until June 5, 2024. FDIC Member.
Platinum Business Money Market Account
. Promotional rate does not apply to balances of $3 million or more.
Key account details:
1.00%
You can earn APY on balances up to $50,000 and up to 3.00% APY depending on your balance. This high-yield account has no monthly fees or minimum balance requirements, but only allows internal transfers, so you'll need a Relay Business Checking Account to deposit and withdraw funds.
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Up to $50,000:
1.00%
Appy.
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From $50,000 to $249,999: 1.50%.
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$250,000 – $999,999: 2.00% APY.
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Over $1 million: 3.00% APY.
Key account details:
Hold a high-yield cash account
Hold a high-yield cash account
Advertise maximum APY
4.82%
However, if Holdings receives its share (0.20% to 0.50% depending on the balance), you will earn a profit of 4.32% to 4.62%. This account includes up to $5 million of his FDIC insurance through a network of over 45 affiliated banks.
Hold a high-yield cash account
Does not include checks or ATM access.
Key account details:
This product has not been rated by NerdWallet.
5.2
%APY. The minimum deposit amount for a certificate of deposit is $2,500 and the maximum amount per CD is $250,000. However, the funds cannot be accessed without penalty for a period of 12 months.
Key account details:
Business Savings Accounts and Money Market Accounts and CDs
Historically, money market accounts have offered higher interest rates compared to savings accounts, but this is no longer necessarily the case. However, your Corporate Money Market account will likely include debit and ATM cards as well as checks.
Business certificates of deposit (CDs) are the least flexible. When you open a CD, you deposit a certain amount of money for a certain period of time. Your funds will earn the stated APY over the entire period, but you will pay a penalty if you withdraw your funds early. However, CDs typically offer higher interest rates than business savings or money market accounts.
Business checking account that earns interest
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Bluevine Business Check
:Earn 2.00% interest on account balances up to $250,000. Terms and conditions apply.
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Grasshopper Business Checking Account
:Earn 1.51% APY on balances up to $25,000 and balances over $250,000. Earn 2.25% APY on balances between $25,000 and $250,000.
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LendingClub Customized Checks
:1.50% APY on balances up to $100,000 and 0.10% APY on all balances thereafter.
.
-
American Express® Business Check
:1.3
% APY on balances up to $500,000.
If you're not sure which type of account is right for you, consider how you'll use it.
If you want the highest possible interest rate and plan to park your money for the medium to long term, a business savings account is your best bet. Want to lose some interest in exchange for flexibility? Use a business checking account.
How to choose a business savings account
Depending on your business' financial needs, here are some factors to consider in addition to interest rates when choosing a business savings account.
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Minimum deposit amount: How much does it cost to open an account? These requirements vary, but we recommend that you have sufficient funds to open the account.
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Monthly fee: Are there any monthly fees to maintain the account? Ideally, business savings accounts have low or no fees.
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Minimum balance requirements: Is there a minimum account balance required to earn APY? This term is also sometimes used in relation to monthly fees. Is there a minimum account balance required to waive monthly maintenance fees associated with the account? Maintain the minimum balance requirement on an ongoing basis to avoid missing out on interest or incurring monthly fees. Please check what you can do.
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Monthly withdrawals or transfers: Although the Federal Reserve eliminated the requirement for six monthly withdrawals from savings accounts in April 2020, many banks and credit unions still enforce these limits. In some cases, excessive withdrawals can result in a business savings account being transferred to a business checking account.
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Level of FDIC insurance: The Federal Deposit Insurance Corporation protects up to $250,000 per depositor and financial institution. Would you like to keep more than that in your business savings account? If so, look for options to extend your coverage through Insured Cash Sweet. These accounts spread your deposits across multiple insured institutions for added FDIC protection. For example, Relay offers up to $2.5 million in her FDIC insurance.
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ATM access: Is a business debit or ATM card included in a savings account? If so, where can I use it?
live oak bank business savings
For example, ATM access is not included;
nbkc bank business money market account
Holders can use more than 37,000 MoneyPass ATMs nationwide without fees.
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How to open: Consider how convenient it is to open a business account. Many of our picks for the best business savings accounts allow you to open an account online, while other small business banks may require you to open an account in person at a local branch.
